The casual observer could be forgiven for thinking that not much has changed in the wine world since the first edition of OFM a decade ago. As you read this, for example, the wine trade is in a state of excitement over the latest "vintage of the century" in Bordeaux (the 2010). Rewind 10 years, and the same was happening with Bordeaux 2000, another vintage of the century (as were 2005 and 2009 – talk being one of the few things that come cheap when it comes to top Bordeaux).

Over in your local supermarket, the wine aisle is still dominated by a cluster of look- and taste-alike brands from Australia, California, South Africa and Chile – the only difference from a decade ago being the slightly higher proportion of pinot grigio, sauvignon blanc and rosé, with slightly less chardonnay.

While there may not have been the same kind of changes that shook the wine world in the 80s, if you look a little closer, the vinous landscape in 2011 appears appreciably different to how it looked in 2001.

Fashions have changed: there has been a pronounced move away from over-ripe, over-oaked and over-blown wines towards something much more restrained. No matter where they are in the world, a winemaker today is now much more likely to talk about elegance and terroir than about power or the expensive new French oak used to make it.

Just as interesting has been the rise of new, and the revival of old, winemaking regions. Places like the Leyda Valley in Chile, the Uco Valley in Argentina, Swartland in South Africa, Fenouillèdes in France and Bierzo in Spain were all but unheard of 10 years ago. Today these regions are producing some of the most interesting bottles. And, as wine producers become ever more adventurous, you can expect many more names to have joined them by the time the hype machine has geared up for Bordeaux 2020. OFM

Ten great vintages for Observer Food Monthly's 10th anniversary

2010: Fiano Sannio DOC, Italy 2010 (£7.99, Marks & Spencer)

Italian whites have been one of the success stories of the past decade. This fiano from the Campania region shows how interesting vino bianco can be. Made by Riccardo Cottarella, it has a fleshy peachy character and a clean crisp finish.

2009: Heinrich Hartl Rotgipfler, Thermenregion, Austria (£15.19, Waitrose)

Rotgipfler may be an unappetising name for a grape variety , but in the hands of Heinrich Hartl it makes a thrilling white, balancing tangy richness and voluptuous texture with a complex spiciness. This is further proof that Austria is now among the greatest of the world's white wine producers.

2008: Mullineux Kloof Street Red, Swartland, South Africa 2008 (£9.95, swig.co.uk)

Back in 2001, most South African reds were clumsy and full of a kind of fag-ash, burnt rubber quality. Today, there are dozens of great bottles in the Cape, and the Swartland region has emerged as a home for edgy Rhône-alike reds. This one is gorgeous, mixing vivid red and black berries and rosemary with a lovely satin texture.

2007: Vega Sindoa Cabernet Reserva, Navarra (£7.99, or £6.39 if you buy two bottles, Majestic)

The Navarra region found itself eclipsed in the 2000s by more fashionable Spanish regions such as Bierzo, Toro and Rías Biaxas. But this incredible bargain (at the two-bottle price) shows there is life in the old dog yet. Made exclusively from the distinctly French cabernet sauvignon grape variety, it is nonetheless distinctively Spanish, with dark cassis and black chocolate and herbal freshness.

2006: Mac Forbes Coldstream Yarra Valley Pinot Noir, Australia 2006 (£27.50, selected Waitrose)

Here's a wine that sums up the best of modern Australia. It's made by a talented young winemaker (Mac Forbes), in a cool climate area (Victoria's Yarra Valley), in a restrained style that recalls the Old World (Burgundy) without slavishly imitating it. Ethereal and succulent, it shows just how far much of Australian has moved from the big, bruising stereotype.

2005: Nyetimber Classic Cuvée Vintage, West Sussex, England 2005 (£22.79, Waitrose; £27.55, Berry Bros & Rudd; £29.50, Fortnum & Mason)

By 2005, English sparkling wine was established as a potentially great modern style, and the Nyetimber estate in West Chiltington, West Sussex, had done as much as anyone to put it there. The Classic Cuvée blends champagne grape varieties of chardonnay, pinot noir and a little pinot meunier, and is gorgeously nutty with a crystalline spine of acidity.

2004: Hegarty Chamans, Cuvée No. 1, Minervois, Languedoc, France 2004 (£15.50, Adnams)

The bargain basement plonk-producers of the Languedoc-Roussillon region may have borne the brunt of the New World takeover of supermarket wines, but a fresh wave of quality producers have since made it one of the world's most exciting regions. This young estate – backed by the millions of British ad exec Sir John Hegarty – is a great example of what the area is capable of: a rich, dense, spicy and complex red, it's top Southern Rhône quality at a fraction of the price.

2003: Château Musar, Bekka Valley, Lebanon 2003 (£17.09, Waitrose; £17.99, Majestic; £18.50, The Wine Society)

The 2003 vintage was one of the hottest on record in Europe, producing some oddball wines that generally tended towards the flabby and soupy. Over in the Lebanon, however, Musar produced one of the best vintages yet of their idiosyncratic red. A blend of cabernet sauvignon, cinsault and carignan, it's full of dried prunes, sweet and sour cherries, and savoury soy-like characters lifted by a jolting acidity.

2002: Moët & Chandon Grand Vintage Champagne, France 2002 (from £39, Waitrose, Selfridges, Fortnum & Mason, Harvey Nichols)

I haven't always been the biggest fan of Moët & Chandon or its vast-selling Brut Impérial NV, but this release from the excellent 2002 vintage is one of the best on the market, and at a great price, too. The nose is graceful, a springtime orchard in bloom; the palate is richer with buttered toast but still taut and spine-tingling, while the finish is long, clear and resonant.

2001: Domaine Georg Rafael Napa Cabernet Sauvignon, California, USA (£25, Marks & Spencer)

It's unusual to find 10-year-old wines in the UK supermarkets, even more unusual to find 10-year-old Napa Cabernets at this kind of price (yes, 25 quid is cheap for a Napa Cab). Still youthfully dark in colour, this has a rich blackcurrant pastille character, chewy tannins and some savoury black olive character coming through on the finish.